Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events

News

EC approves sale of Portuguese “good bank” to US private equity firm

EC approves sale of Portuguese “good bank” to US private equity firm

13 October 2017

The European Commission (EC) has approved Portugal’s plans for the sale of “good bank” Novo Banco to US private equity firm Lone Star under EU state aid rules, paving the way for the resolution of “bad bank” Banco Espirito Santo (BES).

Dana Gas accused of “an abuse” as UK trial adjourned for last time

Dana Gas accused of “an abuse” as UK trial adjourned for last time

13 October 2017

The England and Wales High Court has again adjourned a trial examining the validity of a US$700 million Islamic bond issued by UAE-incorporated Dana Gas, for what the presiding judge says will be “one final time”.

Oi submits new restructuring plan ahead of adjourned creditors’ vote

Oi submits new restructuring plan ahead of adjourned creditors’ vote

12 October 2017

Brazilian telecoms group Oi has submitted a revised restructuring plan before a court in Rio de Janeiro proposing a capital injection of 9 billion reais, as creditors prepare to vote on whether the group can restructure seven entities in one go treating all creditors as a single, consolidated group.

Lawyers brand European Commission proposals on reducing NPLs difficult to implement

Lawyers brand European Commission proposals on reducing NPLs difficult to implement

12 October 2017

The European Commission has published a series of new measures to tackle non-performing loans in a detailed report calling for the realisation of the EU banking union – but experts say the measures could prove difficult to implement in practice.

DibbsBarker recruits from Henry Davis York in Brisbane

DibbsBarker recruits from Henry Davis York in Brisbane

12 October 2017

Australia’s DibbsBarker has added Brisbane-based Ben Shaw as a partner in its banking, insolvency and disputes team.

English court allows trustees and liquidators to share information in Shlosberg/Webinvest cases

English court allows trustees and liquidators to share information in Shlosberg/Webinvest cases

11 October 2017

The England and Wales High Court has ruled that trustees in bankruptcy of Russian businessman Mikhail Shlosberg are entitled to share information obtained via their powers under the UK Insolvency Act with the liquidators of his St Vincent-based company Webinvest.

Former Advocatus partner sets up new Singapore insolvency and disputes boutique

Former Advocatus partner sets up new Singapore insolvency and disputes boutique

11 October 2017

Updated: A senior commercial litigator and his team have left Singaporean firm Advocatus Law to set up a new boutique cross-border insolvency and disputes practice in the city.

Ex-DLA Piper partner joins Harneys in Hong Kong

Ex-DLA Piper partner joins Harneys in Hong Kong

10 October 2017

Offshore law firm Harneys has added former DLA Piper partner Lorinda Peasland to its Hong Kong practice.

Liquidator of Cayman energy company requests Chapter 15 protection in New York

Liquidator of Cayman energy company requests Chapter 15 protection in New York

10 October 2017

A joint liquidator of a Cayman Islands-registered oil and gas explorer has filed for Chapter 15 recognition in New York, saying that she has become aware of “various suspicious transactions concerning the debtor” and its subsidiaries.

GRR Live Hong Kong early booking rate closes Wednesday

GRR Live Hong Kong early booking rate closes Wednesday

09 October 2017

GRR’s inaugural Live event in Asia takes place next week with Justice Jonathan Harris of the Hong Kong High Court giving the keynote speech – secure your ticket before the early booking rate closes on Wednesday.

US solar company applies to extend DIP loan pending Trump trade protections decision

US solar company applies to extend DIP loan pending Trump trade protections decision

09 October 2017

US solar cell manufacturer Suniva is attempting to extend its debtor-in-possession (DIP) financing agreement with a creditor, while it sees out its petition to the US’s International Trade Commission (ITC) to protect it from foreign competition.

Colombian liquidator seeks recognition in Miami after wife of alleged Ponzi scheme director linked to the fraud

Colombian liquidator seeks recognition in Miami after wife of alleged Ponzi scheme director linked to the fraud

09 October 2017

The Colombian liquidator of a group of companies that allegedly defrauded investors out of US$220 million has asked a Miami court to grant Chapter 15 recognition to Colombian insolvency proceedings for the wife of its former director, after officials in the South American country linked her to the Ponzi scheme.